One person gives freely, yet gains even more; another withholds unduly, but comes to
poverty. A generous person will prosper; whoever refreshes others will be refreshed.
Proverbs 11: 24-25
Many members of Hancock choose to leave a financial legacy for Hancock in their estate
plans. Legacy giving has some key advantages:
- Most such arrangements are not irrevocable and can be changed at any time, should you find later that you need the funds for other purposes.
- By giving from your estate, you may be able to make a larger gift than you could prudently make during your lifetime.
- Properly constructed, such gifts may have significant tax advantages.
There are a number of options for including Hancock in your estate plan:
Bequest in a will or trust. This is what people often think of when talking about including Hancock in an estate plan. You can designate a specific dollar amount, a percentage of your estate, a percentage of the remainder of your estate, or specific property, such as real
estate. See “Hancock Church: Planned Giving – Sample Bequest Language.”
Beneficiary designations. You can designate Hancock as the beneficiary to receive a
financial asset upon your passing. Possibilities include:
- Retirement accounts, such as an IRA or 401(k);
- A life insurance policy or annuity;
- A bank or brokerage account through a POD (Payable on Death) designation; or
- The balance remaining in a charitable gift fund.
Pooled Income Fund. Some charitable gift funds, like the Fidelity Charitable Gift Fund,
offer a pooled income fund by which a donor can receive income for life and a partial tax
deduction for the gift, and a charity receives the remainder upon the donor’s death.
Charitable reminder and lead trusts. These are complex financial arrangements that would
be set up with an attorney and financial adviser, with Hancock named as the charitable
beneficiary.